Your Favorite Crypto Digest From TradeCrypto.com #159

The statistics:

The market today is green. BTC is now trading above $20,600, ETH is trading around $1,600.

💪 Bitcoin dominance: 40.33%

📉 Total Cryptocurrency Market Cap: $ 0.980 tr

😲 Fear and greed index: 30 (Fear)

🚀 Gainers (Top-100)

• Chain (XCN)+26.38%

• Dogecoin (DOGE)+25.75%

• Shiba Inu (SHIB)+8.62%

  😭 Losers (Top-100)

• Toncoin (TON)-8.20%

• Klaytn (KLAY)-4.20%

• TerraClassicUSD (USTC)-2.30%

Oops, why? BANDESAL, El Salvador’s development bank, has refused to provide information on the government’s controversial Bitcoin 💸 buys, an anti-corruption body revealed. El Salvador’s Anti-Corruption Legal Advisory Center (ALAC), which provides citizens legal aid in speaking out against corruption, released a document from the bank. In the document, BANDESAL says it cannot reveal the “confidential” information.

Not a bad initiative. Hong Kong’s Securities and Futures Commission is set to conduct a public consultation on how to give retail investors access to digital assets. In addition, Hong Kong’s regulator said it is open to future reviews on property rights for tokenized assets and the legality of smart contracts, and that it is exploring a number of pilot projects to test the potential benefits of digital 💰 assets and their applications in the financial markets. These projects are said to include non-fungible token (NFT) issuance for Hong Kong Fintech Week 2022, Green bond tokenization, and Hong Kong’s own central bank digital currency (CBDC).

Apollo Global Management – one of the world’s largest asset managers, with more than $500 billion under management – is breaking into crypto custody through a 🤝 partnership with digital asset platform Anchorage Digital. Anchorage, which is the first federally chartered digital asset bank in the U.S., will custody a “significant portion” of Apollo’s crypto portfolio. In total, Apollo holds over $500 billion in assets under management.

“We were drawn to working with Anchorage given their commitment to operating under strict regulatory oversight, their strong emphasis on security and segregation of client assets, and their ease of use for asset managers to hold digital tokens,” 💬 said Apollo COO Adam Eling in a statement. Everyone comes over to this side.

Unexpected company. Silicon Valley’s elephant in the room, the massive venture capital firm Andreessen Horowitz (also known as a16z), is lending a helping hand to Twitter’s new overlord Elon Musk. Sriram Krishnan, a general partner at a16z focused 🔍 on crypto, shared a photo from Twitter’s San Francisco office with a note that he is “helping out Elon Musk with Twitter temporarily with some other great people.” “I (and a16z) believe this is a hugely important company and can have great impact on the world and Elon is the person to make it happen,” 📲 Krishnan added.

A judicial report has reportedly revealed that crypto lender Hodlnaut lost around $189.7m due to its exposure to the Terra 📉 crash. According to the report, penned by interim judicial managers appointed by the Singapore High Court, alleged that Hodlnaut’s directors “downplayed the extent of the group’s exposure to Terra/Luna both during the period leading up to and following the Terra/Luna collapse in May 2022”.

The Reserve Bank of India (RBI) is on track to debut a central bank digital currency (CBDC) after announcing its digital rupee project in February. The pilot will involve nine locally operating banks, including the biggest Indian bank, the State Bank of India. The main use case of India’s CBDC pilot will be to settle secondary market 🔀 transactions in government securities. The digital rupee is expected to add more efficiency to the interbank market by reducing transaction costs of settlements, the RBI said. Sounds quite presentable.

Binance chief Changpeng ‘CZ’ Zhao aims to ensure crypto and Web3 are part of Twitter’s future after backing Elon Musk’s takeover of the social media platform, he said in an interview. “We want to make sure crypto has a seat at the table when it comes to free speech,” 💬 Zhao told CNBC, adding that, “there are more tactical things, like we want to bring Twitter into Web3 when they’re ready.”

In the interview, Zhao elaborated on other potential use cases for crypto on Twitter, saying that plans for a paid subscription could be “done very easily, globally, using  💱  cryptocurrencies as a means of payment”. Wonder how long they'll last.

Conclusion: A fairly quiet start to the week. The market is flat. Everyone is still discussing the news that has played out in the market. More and more jokes about the bull market are being recalled. And even more about the stock market :)

What is Crypto Ping Pong digest?

TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.

So memes, leaks, gossips naturally come about – we collect them and share them with you in this interstellar space on our site we like to call Crypto Ping Pong digest.